PUBLISHER: Grand View Research | PRODUCT CODE: 1404664
PUBLISHER: Grand View Research | PRODUCT CODE: 1404664
The global wind turbine operations and maintenance market size is expected to reach USD 27.24 billion by 2030, registering a CAGR of 7.0% during the forecast period, according to a new report by Grand View Research, Inc. Rising focus to minimize environmental impact in the power generation industry, has fueled the wind energy market. Exponential rise in wind turbine installation across the globe, especially in Asia Pacific, Europe, and North America is expected to have a positive impact on the industry over the forecast period.
Various components such as blades, gearbox, rotors, generator, yaw, and hydraulic pumps are susceptible to failure and require regular condition monitoring to avoid breakdown. Effective maintenance at regular interval helps to decrease failure rate and thus increases the operational efficiency by reducing downtime. Focus to establish cost effective operations & maintenance is expected to fuel industry growth over the next nine years.
Onshore accounted for the largest share of the global market in 2022 and this trend is expected to continue over the forecast period. However, offshore installation is estimated to increase at an unmatched rate, owing to favorable governmental initiatives in China, UK, Germany, Netherlands, Denmark, Japan, and South Korea. This in turn, is predicted to drive the offshore market segment over the next nine years.
Europe held the largest share in offshore installation category, owing to significant installation in countries such as Germany, France, Italy, Spain, Denmark, Netherlands, Belgium, and Sweden. Asia Pacific accounted for the largest revenue share of 42.6% in 2022. The region is estimated to dominate the global market in 2025. Latin America and Middle East & Africa are predicted to create lucrative opportunities over the forecast period.